BPCL Trust to sell its 4% stake through block deal on Tuesday

MUMBAI: State-owned Bharat Petroleum Corporation (BPCL) is likely to sell up to 8.68 crore shares, or 4 per cent of the company equity, through a block deal on Tuesday. The company, according to bankers, has set a floor price of Rs 435 per share, a 6.8 per cent discount to Monday’s closing price of Rs 467. These shares are held by the BPCL Trust for Investment in Shares.

On Monday, a sub-committee of the board of directors of BPCL approved the sale of BPCL equity shares which are held by the trust through accelerated book built offering of equity shares on the screen-based trading platform of stock exchanges. The company is intended to sell up to 7.33 per cent stake or 15.90 crore shares.

BPCL Trust for Investment in Shares held 9.33 per cent stake in the company as on 30 Sep 2020. In October, 4.33 crore shares, or about 2 per cent, was transferred to its employee benefit trust called BPCL ESPS Trust.